HSE Experts Discuss the Situation in the Country with Presidential Aide Maxim Oreshkin

© HSE University

HSE University academics held a discussion with Maxim Oreshkin, presidential aide and graduate of the HSE University, as part of the XXIII Yasin (April) International Academic Conference. They talked about the current socioeconomic situation and the future of Russia's development. The discussion was moderated by HSE Academic Supervisor Yaroslav Kuzminov.

HSE Academic Supervisor Yaroslav Kuzminov noted that the crisis which Russia is currently facing is a ‘supply crisis’, caused by disrupted production chains, as well as logistic, technological, financial, and other restrictions imposed by Western countries. He also reminded the audience that Russia is heavily dependent on imports of various consumer and investment goods. This situation has come as a serious shock to the Russian economy.

In particular, it has already led to a spike in inflation, a collapse in imported goods from EU countries, and the suspension of activities by many foreign companies in Russia. In the future, the crisis could potentially lead to a rise in unemployment. Moreover, there is an urgent need to retain and attract highly qualified domestic and foreign specialists and researchers to the country.

Speaking about the most urgent challenges to be addressed in the near future, Mr. Oreshkin mentioned the need to expand and upgrade the credit system, as well as the need to solve the problem of a very large surplus in the balance of payments, which is expected to grow sharply throughout the current year due to the expected reduction of supplies of foreign goods to Russia. This factor will not only curb the fall of the Russian ruble against the dollar and the euro, but also threatens to overvalue the national currency, which will have a negative impact on growth prospects.

Maxim Oreshkin, presidential aide and graduate of the HSE University

© HSE University

The presidential aide and academics discussed how Russia should act in the current circumstances. Among possible measures, Yaroslav Kuzminov mentioned support for small and medium-sized businesses, primarily through a mechanism for easing regulatory and administrative rules, the organization of new public works, including those for people with higher education living in big cities, and support for highly qualified key personnel in the commercial and R&D sectors.

HSE First Vice Rector Leonid Gokhberg, Director of the HSE Institute for Statistical Studies and Economics of Knowledge, spoke about efforts to support science. In his view, these include measures to make a scientific career more appealing for young people, as well as tax benefits for research organizations, etc. He also noted that most of the strategic planning documents for science, technology, and innovation were adopted a long time ago and require a radical updating, given the current situation.

In the current situation, it is necessary to raise the payroll budget in the economy and ensure economic growth. At the same time, the government keeps increasing social benefits, and their share in people’s income is already high, Vice Rector Lilia Ovcharova said.

Mikhail Blinkin, Director of the Institute for Transport Economics and Transport Policy Studies, noted that there are a number of problems associated with the reorientation of goods delivery routes from Europe to Asia. First of all, there is a shortage of logistics centres in the Russian Far East. Another difficulty is the lack of containers, a result of Western carriers halting cooperation with Russia.

Summing up the discussion, Maksim Oreshkin and Yaroslav Kuzminov agreed to continue cooperating in the development of anti-crisis measures and instruments as part of a long-term economic policy.

Among the other speakers at the meeting were Vice President Lev Jakobson; Vice Rector Sergey Roshchin; Yuri Simachev, Director of the Centre for Industrial Policy Studies, Alexander Daniltsev, Director of the Institute of Trade Policy; and Sergey Shishkin, Director of the Healthcare Policy Centre.